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CHICAGO-Sheldon F. Good, the founding chairman and CEO of Sheldon Good & Co., the real estate auction and brokerage firm, has severed ties with the company he created. According to a release distributed late this morning, Good plans to pursue other opportunities including possibly starting his own company.

Sheldon Good & Co. filed for Chapter 11 bankruptcy protection on April 24. As GlobeSt.com reported, the Chicago-based company cited “improper actions” by the former CEO and chairman Steven Good. “These improprieties, which left the Company with a shortage of reserves in the face of the current economic downturn, came to light following his death in January 2009,” according to a company release. Good shot himself to death in a local wildlife preserve in January.

“As a result of the recent bankruptcy proceedings of Sheldon Good & Company, which has been led by Alan Kravets, president, and Bruce Sayre, executive vice president, I am no longer associated with the real estate auction and brokerage firm I founded and profitably managed for more than four decades,” says Sheldon F. Good. “I am relieved and now look forward to pursuing other groundbreaking ventures.”

Sheldon F. Good was the chairman of the company from April 1965 until May 2001, when his son Steven Good and his partners purchased the company from him. Sheldon F. Good continued in an advisory role as chairman emeritus until the bankruptcy filing.

Through its bankruptcy proceedings Sheldon Good & Co. continues to function. Last week GlobeSt.com reported the company’s plan to auction off 40 condos in the Seven Bridges Condominium Residences.

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